V F CORP
For the period ended Sep 26, 2026. Filed Oct 28, 2026.
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Sep 26, 2026 · Filed Oct 28, 2026
Contents
Restructuring
NOTE 18 —RESTRUCTURING
The Company incurs restructuring charges related to strategic initiatives and cost optimization of business activities. A description of significant restructuring programs and other restructuring charges is provided below.
Reinvent
On October 30, 2023, VF introduced Reinvent, a transformation program to enhance focus on brand-building and to improve operating performance and allow VF to achieve its full potential. All actions related to the program were substantially complete at the end of the first quarter of Fiscal 2026. However, in the six months ended September 2026, VF recorded a gain of $17.6 million related to the sale of a distribution center and an impairment charge of $6.4 million related to an impairment of a leased distribution center. These amounts are included in
Reinvent as the actions leading to the gain and the impairment charge were initiated under Reinvent. Of the total Reinvent restructuring charges,76% related to severance and employee-related benefits and the remainder primarily related to asset impairments and write-downs. Cash payments are generally expected to be paid within one year of charges incurred. During the six months ended September 2026,$2.4 million of cash payments related to the Reinvent charges were made.
The type of cost and respective location of restructuring charges (gains) related to Reinvent within VF’s Consolidated Statements of Operationsfor the three and six months ended September 2026 and 2025, and the cumulative charges (gains) recorded since the inception of Reinvent were as follows:
| Three Months Ended September · Six Months Ended September · Cumulative Charges (Gains) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) · 2026 · 2025 · 2026 · 2025 | |||||||||||
| Type of Cost · Location | |||||||||||
| Severance and employee-related benefits | SG&A expenses | $— | $4,214 | $— | $15,462 | $138,040 | |||||
| Severance and employee-related benefits | Cost of goods sold | — | (405) | — | 3,820 | 10,003 | |||||
| Contract termination and other | SG&A expenses | — | — | — | 326 | 1,063 | |||||
| Contract termination and other | Cost of goods sold | — | — | — | — | 157 | |||||
| Asset impairments and write-downs | SG&A expenses | — | (30) | 6,397 | 2,170 | 56,736 | |||||
| Gain on the sale of fixed assets | SG&A expenses | — | — | (17,600) | — | (17,600) | |||||
| Pension withdrawal | SG&A expenses | — | — | — | — | 5,216 | |||||
| Curtailment gains | Other income (expense), net | — | — | — | (531) | (1,467) | |||||
| Accelerated depreciation | SG&A expenses | — | — | — | — | 1,317 | |||||
| Accelerated depreciation | Cost of goods sold | — | 322 | — | 322 | 339 | |||||
| Total Reinvent Restructuring Charges (Gains) | $— | $4,101 | $(11,203) | $21,569 | $193,804 | ||||||
All restructuring charges (gains) related to Reinvent recognized in the three and six months ended September 2026 and 2025 were reported within 'Corporate and other' expenses in Note 14, Reportable Segment Information.
Other Restructuring Charges
Other Restructuring Charges are related to various approved initiatives. The type of cost and respective location of Other Restructuring Charges within VF’s Consolidated Statements of Operationsfor the three and six months ended September 2026 and 2025 were as follows:
| Three Months Ended September · Six Months Ended September | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (In thousands) · 2026 · 2025 · 2026 · 2025 | |||||||||
| Type of Cost · Location | |||||||||
| Severance and employee-related benefits | SG&A expenses | $6,417 | $788 | $8,780 | $788 | ||||
| Severance and employee-related benefits | Cost of goods sold | 38 | — | 83 | — | ||||
| Total Other Restructuring Charges | $6,455 | $788 | $8,863 | $788 | |||||
27 VF Corporation Q2 FY27 Form 10-Q
Other Restructuring Charges by reportable segment and the “All Other” category were as follows:
| Three Months Ended September | Six Months Ended September | |||
|---|---|---|---|---|
| (In thousands) | 2026 | 2025 | 2026 | 2025 |
| Outdoor | $2,351 | $— | $2,401 | $— |
| Active | 1,056 | 331 | 2,151 | 331 |
| All Other | 215 | — | 244 | — |
| Corporate and other | 2,833 | 457 | 4,067 | 457 |
| Total | $6,455 | $788 | $8,863 | $788 |
Consolidated Restructuring Charges
The activity in the restructuring accrual related to Reinvent and Other Restructuring Charges for the six-month period ended September 2026 was as follows:
| (In thousands) | Severance |
|---|---|
| Accrual at March 2026 | $31,042 |
| Restructuring charges | 8,863 |
| Cash payments and settlements | (12,158) |
| Adjustments to accruals | (3,199) |
| Impact of foreign currency | 59 |
| Accrual at September 2026 | $24,607 |
Of the total restructuring accrual at September 2026, $22.9 million is expected to be paid within the next 12 months and is classified within accrued liabilities. The remaining $1.7 million will be paid out beyond the next 12 months and thus is classified within other liabilities. During the three and six months ended September 2026, VF recorded adjustments to prior accruals to reflect actual attrition rates that differed from original estimates.
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